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Lottery winner gets help on plan to turn good fortune into lifelong prosperity

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I can pretty much guarentee that in 15 years this guy will be broke, probably less. But good for him..

Littleoldlady's avatar - basket

I wouldn't invest my money in florida condos  that for sure.If he wants to invest in real estate, he needs to do his REAL Homework.  He should buy him a house that he can generate income from such as a three story house in a nice neighborhood.  Rent out the 2 floors that he doesn't live in. the Florida real esate market is rich with scams and scam artists just waiting like fat sharks for a free meal.

rdgrnr's avatar - nw barkeep.jpg

I think this guy will be alright. He hasn't seemed to go nuts with big ticket items with his winnings so far outside of the Lexus for his parents.

I think his biggest risk of certain failure will be if he ever goes back to booze and drugs.

barbos's avatar - gold bar-and-cash1.jpg

     Sounds like the guy is trying to be smart just has too many plans for only $5M. less tax deduction.  If I win that much in California and don't move somewhere to Dakota or Wisconsin I probably will have to keep my job - after taxes and if I share a little to someone close and charities there would be only peanuts left over.

jeffrey's avatar - moon
In response to JONNIE

Wow, I don't know where you get your crystal ball. Sounds like he is trying to be sensible. Just don't spend the cash, build wealth. Sounds like a decent plan. I know many people who have done well with rentals. Now is the time to get in; prices are very low. He may have a happy life. Best of luck and congratulations.

TheGameGrl's avatar - Lottery-012.jpg

True Jeffrey that now is the time to invest in real estate, but as the the story stated, its stil a risk. The safest risk I would take is with IRA or savings since its a low amount of 100k per year. No way would I soak the winnings into a shaky stock market . Been there done that and lost my shirt from that maneuver. Even local municpal bonds have a safe return over time. Sorry but I do not trust the market of stocks at this time.

The guy did have his reckless behavior when he first won, they just gave it a mild gleem over. Sensible though that he is listening to a financial advisor. They have the degree and experience.

psykomo's avatar - animal shark.jpg
In response to JONNIE

GUY>>>>>>>UR>>>>>REALLY GREAT!!!!!

PSYKOMO

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all this talk about real estate... sigh.

 

if you really wanted to get in, you should have got in 7 months ago when there was blood on the street...

just look at the housing inventory these days... most worthy foreclosure prop. have been all gobbled up and the price has actually increased 6-7% in fl from the lows.

 

and during the height of the credit panic, you could have picked up great properties for less than 0.50 on the dollar.

 

now it's too late.

 

and never by a condo. HOA and maintence fee is too high of an overhead cost to be worthwhile. and the appreciation rate for condos in FL have always lagged behind residentials due to lack of demand that is seemingly elastic.

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In response to jeffrey

In my opinion, Richie Randazzo has already made 1 BIG mistake:  he didn't keep his newfound fortune to himself.  He didn't go to a lawyer and create a "blind trust" to collect the money.  It is a HUGE mistake to tell others you have won the lotto.  It's an even BIGGER mistake to allow yourself to be interviewed by ANY media outlet and be photographed by them.  Now he wants to be on a TV show!  That is ridiculous!  He's going to have people coming at him from every direction asking him for money.  And remember, he lives in New York City, one of the most litigious
cities in the WORLD!
  Every time I see one of these lotto winners show up in the news, smiling and holding one of those huge replica winner checks, I just want to hit them over the head with something.  Chair  If I ever won anything major in the Lotto and IF I ever wanted to tell anyone, I'd rather tell others through one of these Lotto web sites.  I prefer the anonymity of the Internet and my computer.  Hiding Behind Computer

In the story, the financial advisor states, with a 6% annual growth rate in real estate value, Randazzo will become a millionaire in 7.5 years.  The problem is, from what I have read, real estate values will increase in value by 2-4%.  Also, because the FED is pumping out money, economists are expecting an increase in inflation.  Moreover, there was a recent news story of rumors the financial ministers of the other major economies met to discuss changing the trading currency for oil from the US dollar to something else!

$3,500/week is nice, but it really isn't that much.  I think what will happen is, all his money will be gone within 10 years.

savagegoose's avatar - ProfilePho

hey he made the 1st call about winning an annuity, that it isnt a lot of money. once the time is up he has to have something to live on after. good luck to the guy. there is 1 real estate deal he should buy and thats a place to live.

foragoodcause's avatar - Lottery-021.jpg

He looks like he's in his 60's,i guess it's the drugs he used in  the past.He like to go to Atlantic city and likes attentions,my guess he will be broke in a few years.

lovinwinning's avatar - Lottery-008.jpg

I just like he's trying to be sensible . It's refreshing !

maringoman's avatar - images q=tbn:ANd9GcTbRxpKQmOfcCoUqF2FyqIOAwDo7rg9G-lfJLAALPGWJWwiz19eRw

If I was him I'd try to get a job, or atleast his old job back. $5,000,000 after taxes is not a lot of money to a man his age, especially in high flying NY NY.

The last thing he should attempt is to go into business, businesses fail miserably and only after burning lots of money do people begin to earn profits. He could invest in high interest CD's or treasury bonds, which earn a small interest but are guaranteed by the banks or cities.

DC81's avatar - batman39

It's a minimum of 5M, there's no cash option and I'm quite sure New York doesn't allow for any sort of anonymity. Yes we made predictions about this guy being a future "lottery loser" but maybe he's finally got at least a little sense, his head on straight now and will be fine though granted continuing to put himself out there might not be the best idea, even if his winnings over all were "small" people out there don't care, they see someone has money they "didn't earn" they'll be out there wanting a piece.. Also going to Atlantic City could certainly end up being something that comes back and bites him he ever gets out of hand with gambling and as someone who's already admitted addiction in the past, it really might not be the smartest idea. Granted they're not the same type of addiction but it still seems like something that'd be a good idea to stay away from.

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